Nairobi Securities Exchange(NSE) recorded a 44% decline in turnover to KSh 601, 081, 969.00 on a volume of 14.6 Million shares that were traded in 834 deals.
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NSE top price gainers
Eveready East Africa, which has delayed publishing its financial results for the full year ended 30th September 2021, was the day’s top price gainer.
The battery maker saw its share price rise 7.77% to close at KSh 1.11 as speculators make a beeline for this counter.
Other top price gainers were Kapchorua Tea Company Plc, whose share price was up 3.7%, investors riding on strong tea prices at the auction. I&M Holdings gained 3.57%, while NCBA Group shares were up 3.38%.
Worst performing counters
The worst performing counters were led by LonghornPublishers, whose share price fell 7,31% to KSh 4.31 per share.
Diamond Trust, which has announced the planned closure of several of 6 of its branches by October 2021, had its shares fall by 6.33%.
TransCentury’s delay in releasing its 2019 financial results appears to affect East African Cables-its subsidiary, whose share price fell 5.76% this Wednesday, 24th February 2020.
Other price laggards were Nairobi Business Ventures, whose share price declined 6.33%.
Prime movers
The biggest movers were Safaricom with a volume of 9.9 Million traded shares, followed by KCB Group Plc (1.48Million), KenGen Plc (461,400) and East African Breweries Limited((399,600)
The NSE All-Share Index [NASI] declined 0.05 to close at 165.85, while the NSE 20 Share Index fell 5.98 points to close at 1877.
However, the NSE 25 Share Index gained 1.46 points to close at 3628.28.
Derivatives and Bonds
The derivatives market had ten contracts valued at KSh 97,000 compared to the four deals valued at KSh 1,452,000 traded during the previous trading session.
The secondary bond market moved trades worth KSh 1.32 billion in 75 deals compared to the KSh 4.97 billion achieved in 99 deals previously.
Acorn Holdings listed on unquoted securities platform at NSE
While turnover declines, the NSE saw Acorn Holdings Limited quoting its Income and Development Real Estate Investments Trusts on the NSE Unquoted Securities Platform.
The quoting makes Acorn the first company to tap into the market infrastructure for the trading of shares of unquoted companies.
The two Real Estate Investment Trusts (REITs) will give institutional investors the opportunity to get into the lucrative student housing market.
The Acorn Student Accommodation Development REIT (ASA D-REIT) and the Acorn Student Accommodation Income REIT (ASA I-REIT) are expected to give long-term investors a blended return of 18% on a 10-year hold basis.
NSE Chairman Kiprono Kitony said Acorn Holdings has tapped onto the USP, which will enable the asset class access a wider pool of investors, enhance the liquidity of their shares as well as support capital raising needs in the future.
“The platform will create opportunities for unquoted companies whilst providing flexibility in quoting requirements and obligations. Additionally, it will provide a convenient and cost effective transfer of shares as well as enhance execution speed for securities of unquoted companies,” he added.
Edward Kirathe, Chief Executive, Acorn Holdings Limited, said Acorn Holdings Limited is delighted to tap into Kenya’s capital market to unlock growth opportunities as it seeks to grow its impact in Purpose Built Student Accommodation space.
Quoting on the USP will provide current and prospective investors exit and entry points for their investment, unlocking the billions of shillings held in land and property.
”Equally, the entry will support accurate price discovery as well as enhance liquidity of tradable units availed to investors,” said Kirathe.
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